Aker Carbon Capture ASA: Second quarter 2024 results
Aker Carbon Capture ASA announced its second quarter 2024 results, highlighting the finalization of a joint venture (JV) with SLB. The JV aims to enhance industrial decarbonization through carbon capture technology. ACC ASA reported a gain of NOK 4.9 billion from the sale and ended the quarter with NOK 4.5 billion in cash.
CEO Valborg Lundegaard emphasized the JV's potential to scale industrial decarbonization and commercialize future technologies. ACC ASA retains a 20% stake in the JV, while SLB holds 80%. The new company will be based in Oslo.
The company saw significant market development, with active projects in Norway, Denmark, and the Netherlands, capturing up to 1 million tonnes of CO2 annually. Key projects include the Heidelberg Materials Brevik CCS in Norway, Ørsted's BECCS in Denmark, and the Twence project in the Netherlands.
Financially, ACC ASA ended with NOK 4.5 billion in cash and a solid equity position of NOK 5.5 billion. The board is defining future strategies, including the use of proceeds from the SLB transaction.
- Finalization of a joint venture with SLB, enhancing industrial decarbonization capabilities.
- Reported a gain of NOK 4.9 billion from the sale.
- Ended the quarter with NOK 4.5 billion in cash.
- Strong equity position at NOK 5.5 billion.
- Active projects with a combined capacity to capture up to 1 million tonnes of CO2 annually.
- None.
LYSAKER,
"We are immensely proud of making carbon capture a reality today with seven technology installations in progress in
SLB and Aker Carbon Capture ASA close JV transaction
In June, ACC ASA and SLB announced the closing of their carbon capture JV. Carbon capture is a key technology to fight climate change and achieve net zero by reducing greenhouse gas emissions from power and hard-to-abate industrial sectors. The new JV is well positioned to deploy decarbonization at scale. ACC ASA will retain a
For further details on the JV transaction, reference is made to transaction announcement: https://akercarboncapture.com/?cision_id=DB4E7DA6FBE9D754
Market development and commercial activity progressing
The first half of 2024 saw high activity in the overall carbon capture market and for Aker Carbon Capture, notably including further progress with supportive government policy, the development of carbon removals, and the formation of progressive industry partnerships.
Aker Carbon Capture saw high activity in early-stage work such as test campaigns, FEEDs, pre-FEEDs and studies and took major steps to develop its position in the important North American market. This included signing Memorandum of Understanding agreements with MAN Energy Solutions for CO2 capture and compression, and with carbon capture developer CO280 and Microsoft to accelerate full-scale carbon removal, initially targeting biogenic CO2 emissions from the pulp and paper industry. This builds on the existing partnership between Aker Carbon Capture, Ørsted and Microsoft that supports the landmark Kalundborg CCS project in
The Twence CCU, Heidelberg Materials Brevik CCS and Ørsted Kalundborg CCS projects continued to progress in the quarter and are currently the most mature large-scale carbon capture projects under construction in
- The Heidelberg Materials Brevik CCS project in
Norway , a Big Catch facility, will be the first industrial scale carbon capture plant at a cement factory anywhere in the world, and will at completion capture 400,000 tonnes CO2 per year. - Ørsted's BECCS project in
Denmark , with the delivery of 5 Just Catch™ 100 units at Asnæsværket and Avedøreværket, will capture up to 500,000 tonnes CO2, creating negative emissions from 2026 onwards. - The Twence project in
the Netherlands , with the delivery of a Just Catch™ 100 unit to the Dutch operator of waste-to-energy plants, will have a rated capacity of 100,000 tonnes CO2 per year and will commence operations 2024. The captured CO2 at Twence will be utilized in local horticulture to increase plant yields from greenhouses, making it one of the first industrial scale examples of carbon capture and utilization (CCU).
Financial results
ACC ASA ended the second quarter 2024 with
Future strategy
The Board of Directors of ACC ASA is in the process of defining the future strategy and structure of the Company, including the framework for the use of the proceeds from the transaction with SLB.
The first-half 2024 report is attached.
For further information:
Media:
Marianne Stigset, mob: +47 41188482, email: marianne.stigset@akercarboncapture.com
Investors:
David Phillips, mob: +44 7710 568279, email: david.phillips@akercarboncapture.com
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This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
This stock exchange announcement was published by Marianne Stigset, Communications, Aker Horizons ASA, on July 10, 2024, at 07:00 CEST.
This information was brought to you by Cision http://news.cision.com
The following files are available for download:
ACC ASA Half-year report 2024 |
View original content:https://www.prnewswire.com/news-releases/aker-carbon-capture-asa-second-quarter-2024-results-302192954.html
SOURCE Aker Carbon Capture ASA
FAQ
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